smart cities promoting smart elevator adoption and impact of aging population and growing accessibility demands are driving the growth of the Smart Elevator Market at a CAGR of 9.02% during the forecast period 2025 to 2035

Market Research Future (MRFR) has published a cooked research report on the “Global Smart Elevator Market” that contains the information from 2019 to 2035.

The Global Smart Elevator Market is estimated to register a CAGR of 9.02 % during the forecast period of 2025 to 2035.

MRFR recognizes the following companies as the key players in the Global Smart Elevator Market — Fujitec Co Ltd, Toshiba Corporation, Honeywell, Mitsubishi Electric Corporation, Hyundai Elevators, Hitachi Ltd, Schindler Group, Otis Worldwide Corporation, KONE Corporation, Robert Bosch Group and others.

The Global Smart Elevator Market accounted for registering a CAGR of 9.02 % during the forecast period and is estimated to reach USD 38.65 billion by 2035.

The growing demand for energy-efficient and sustainable vertical transportation solutions is one of the key drivers in the smart elevator industry. As environmental concerns rise globally, both consumers and businesses are prioritizing energy-saving technologies. According to the World Health Organization (WHO), climate change is affecting human health in multiple ways across the world, with 24% of global deaths linked to environmental factors, including 4.2 million deaths annually from air pollution exposure. This growing environmental concern underscores the need for sustainable technologies, driving the demand for energy-efficient and eco-friendly solutions like smart elevators. These elevators are equipped with features like regenerative drives and energy-saving systems, offer effective solutions to reduce electricity usage and operational costs. These systems not only lower energy consumption but also help in curbing the environmental impact by recycling energy that would otherwise be wasted.

Smart elevators also integrate eco-friendly materials and sustainable production processes, reducing their environmental footprint. Manufacturers are focusing on using recyclable materials, minimizing emissions, and optimizing energy-efficient components throughout the design and manufacturing phases. As per the World Economic Forum report Green Building report 2024, buildings contribute to 37% of global carbon emissions and 34% of species face habitat loss due to urban development. With global floor space set to double by 2050 and the green building transition potentially generating $1.8 trillion by 2030, there is a pressing need for sustainable solutions, boosting demand for energy-efficient smart elevators. As green building standards and eco-conscious practices grow in importance, these elevators contribute significantly to the sustainability goals of urban infrastructure.

With urbanization accelerating, the demand for high-rise buildings is rising, making energy-efficient elevators essential. These elevators are designed to handle the growing traffic demands of modern cities while aligning with green building standards. By reducing energy consumption, they help meet sustainability goals, lower carbon footprints, and comply with building certifications like Leadership in Energy and Environmental Design (LEED). As cities focus more on smart infrastructure, smart elevators are becoming a key component of sustainable development.

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Segmental Analysis

The Global Smart Elevator Market has been segmented based on Component, by Service, by Application.

Based on Component, this segment includes Control systems (Elevator control systems, Security control systems (Surveillance camera, Intruder camera system, Fire alarm system, Visitor management system), Access control systems (Biometrics access control systems, Card-based access control systems, Touch-screen & keypad-based access control systems), Sensors), Maintenance systems, Communication systems. The Control systems segment dominated the global market in 2024, while the Communication systems segment is projected to be the fastest–growing segment during the forecast period. The increasing adoption of automation and digital technologies in building infrastructure has significantly propelled the demand for smart elevator control systems. These systems are designed to enhance safety, efficiency, and user experience while optimizing energy consumption. The integration of cutting-edge technologies such as IoT, AI, and cloud computing has transformed traditional elevator operations, making them more responsive and intelligent. One of the primary drivers of this market segment is the growing emphasis on energy-efficient buildings, where smart elevators contribute to reduced power consumption through adaptive control mechanisms. Furthermore, the rising urbanization and construction of high-rise buildings have fueled the need for advanced control systems that ensure seamless mobility and minimize wait times.

Based on Service, this segment includes New Installation, Maintenance, Renovation. The New Installation segment dominated the global market in 2024, while it is projected to be the fastest–growing segment during the forecast period. The new installation service segment involves the deployment of new smart elevators in various buildings, including residential, commercial, and industrial facilities. As the demand for high-tech, efficient, and space-saving elevators grows, new installations are a significant driver for the smart elevator market. The new installation process typically includes site surveys, design, fabrication, testing, and final installation. The installation of smart elevators is a highly customized process, as each building has specific requirements, such as space constraints, traffic patterns, and energy efficiency goals. Smart elevators installed in new buildings often incorporate advanced technologies such as touchless controls, IoT connectivity, and AI-based traffic management systems to optimize the performance and user experience. Additionally, building codes and regulations are a key consideration, ensuring that all smart elevator systems meet safety standards and comply with local building regulations.

Based on Application, this segment includes Residential, Commercial, Industrial. The Commercial segment dominated the global market in 2024, while the Industrial segment is projected to be the fastest–growing segment during the forecast period. Commercial buildings, including office buildings, hotels, shopping malls, and mixed-use developments, represent a significant portion of the smart elevator market. In commercial applications, smart elevators are designed to optimize building traffic, enhance passenger experience, and integrate seamlessly with other building systems to improve overall operational efficiency. One of the key factors driving the adoption of smart elevators in commercial buildings is the need for efficient vertical transportation systems that can handle high volumes of traffic. Commercial buildings with multiple floors require systems that not only reduce waiting times but also optimize elevator usage based on real-time demand. AI-powered elevator systems can predict traffic patterns and adjust the operation of the elevator system, accordingly, improving both performance and energy consumption.

Regional Analysis

Geographically, the Global Smart Elevator Market has been segmented into North America, Europe, Asia-Pacific, South America, Middle East & Africa.

Major demand factors driving the Asia-Pacific market are the growing demand for energy-efficient and sustainable solutions that triggers the market and increasing urbanization and smart cities promoting smart elevator adoption and impact of aging population and growing accessibility demands. This rapid urban expansion is fueling demand for smarter infrastructure, including advanced vertical mobility solutions like smart elevators, to accommodate high-density living and commercial spaces efficiently. Countries such as China, India, and Indonesia among others are witnessing significant high-rise construction projects, increasing the demand for advanced vertical transportation solutions. The region's rapid construction boom, particularly in megacities like Shanghai, Mumbai, and Jakarta, is fueling the need for smart elevators that enhance efficiency and safety. Smart city programs including China’s " ew Infrastructure" initiative and India’s "Smart Cities Mission " are further accelerating the adoption of intelligent elevator systems. Bridging this gap is essential for maintaining economic momentum and achieving development goals. Increased investments in infrastructure, including high-rise buildings and urban mobility solutions, is expected to drive demand for smart elevators. As cities expand and modernize, the need for energy-efficient, connected elevator systems will rise, making smart elevators integral to the region’s rapid urban development and construction boom.

The North America smart elevator market is expanding rapidly due to technological advancements, urbanization and growing demand for energy-efficient solutions. Key innovations such as IoT integration, automated control systems, and energy-efficient designs are becoming standard in residential, commercial, and industrial sectors. As per the joint initiative by the US Environmental Protection Agency (EPA) and the US Department of Energy, Energy efficiency programs, like ENERGY STAR significantly impact the smart elevator industry by promoting the adoption of energy efficient technologies and practices. These programs offer a proven energy management strategy that helps measure energy performance, set goals, track savings, and reward improvements, incentivizing manufacturers to develop and build owners to adopt more efficient elevator systems. The focus on energy savings translates to reduced greenhouse gas emissions and lower operating costs, aligning with the goals of smart elevators to optimize energy consumption and contribute to sustainable building practices. This shift towards smarter, more connected elevators reflects a growing need for advanced vertical transportation that enhances convenience, reduces energy consumption, and increases safety.

The European smart elevator market is gaining momentum, largely driven by urbanization, technological innovation as well as strong regulatory push for energy efficiency. Cities across the region, including London, Paris, and Berlin among others are integrating smart technologies into new and retrofitted buildings to improve sustainability, energy consumption and urban mobility. The European Union’s emphasis on reducing carbon footprints and improving energy performance through policies such as the Energy Performance of Buildings Directive (EPBD) fosters the adoption of smart elevators, which are seen as key enablers of efficient vertical transportation. As per the European Parliament, the revised Energy Efficiency Directive (EU) 2023/1791), effective from October 2023, strengthens the European Union’s energy efficiency goals. It targets an 11.7 reduction in primary and final energy consumption by 2030 compared to 2020 forecasts. This translates to a maximum primary energy consumption of 992.5 Mtoe and final energy consumption of use. Mtoe across the EU by reinforcing the region’s commitment to sustainable energy.

The South America smart elevator market is experiencing steady growth, driven by increasing infrastructure modernization. Countries like Brazil, Argentina and Colombia are witnessing a rise in high-rise construction projects, fueling the demand for energy-efficient and technologically advanced elevators. Smart elevators are gaining traction, particularly in commercial and residential developments aiming to enhance operational efficiency and safety. For example, Brazil’s infrastructure investment is set to reach $45.5 billion in 2024, a 15% rise driven by private sector contributions. This surge in urban development fuels demand for smart elevators, creating opportunities for energy efficient, connected vertical mobility solutions in modernized buildings and smart city projects. Additionally, government initiatives promoting green buildings and sustainable construction further support the adoption of smart elevator solutions.

The Middle East & Africa (MEA) smart elevator market is shaped by large-scale infrastructure projects, economic diversification efforts, and a growing emphasis on digital transformation. Countries like the UAE, Saudi Arabia, and Qatar are investing heavily in futuristic urban developments such as NEOM and Lusail City, integrating smart elevator technologies for improved vertical mobility. Additionally, Africa’s growing megacities including Lagos and Nairobi are further driving demand for high-capacity, intelligent elevators to support increasing urban density and modern infrastructure. For instance, MENA countries are advancing smart city initiatives, with the UAE and Saudi Arabia investing $50 billion in projects through 2025. This rapid urban transformation is driving demand for smart elevators, which enhances efficiency, security, and sustainability in high-tech buildings.

Key Findings of the Study

• The Global Smart Elevator Market is expected to reach USD 38.65 billion by 2035, at a CAGR of 9.02% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market.


• Based on the Application, the Commercial segment was attributed to holding the largest market in 2024.


• Fujitec Co Ltd, Toshiba Corporation, Honeywell, Mitsubishi Electric Corporation, Hyundai Elevators, Hitachi Ltd, Schindler Group, Otis Worldwide Corporation, KONE Corporation, Robert Bosch Group are some of the players in the market.